FinAcc1-7

FinAcc1-7 - Costofsalesmethod MasayCompany IncomeStatement

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Cost of sales method Masay Company Income Statement Year ended December 31, 2008 Note Net sales revenue    (1)         7,450,000 Cost of goods sold    (2)        (5,120,000) Gross income         2,330,000 Other income    (3)            210,000 Total income         2,540,000 Expenses:     Selling expenses    (4) 830,000     Administrative expenses    (5) 590,000     Other expense    (6)               300,000             1,720,000 Income before tax            820,000 Income tax expense        (  320,000) Net income            500,000     18 Note 1 – Net sales revenue Sales      7,500,000 Sales returns and allowances              (    50,000) Net sales revenue      7,450,000 Note 2 – Cost of goods sold Finished goods – January 1        360,000 Cost of goods manufactured      5,060,000 Goods available for sale      5,420,000 Finished goods – December 31    (   300,000) Cost of goods sold      5,120,000
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FinAcc1-7 - Costofsalesmethod MasayCompany IncomeStatement

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